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Monday, March 18, 2024
March 18, 2024

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Exxon’s Q1 profit plunges 63% on lower oil prices

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DALLAS — Exxon Mobil produced its weakest quarter in more than 16 years as lower oil prices pushed its profit down by 63 percent.

Revenue tumbled 28 percent, and the oil giant lost money in its exploration and production business despite a 2 percent increase in production. It made more money, however, in chemicals.

Exxon said Friday that it earned $1.81 billion in the first quarter, down from $4.94 billion a year ago.

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